Cautionary Statement Regarding Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, the Company’s ability to build the leading digital real estate provider and funding source for the occupancy, infrastructure, equity and credit needs of the world’s mobile communications and data-driven companies, the impact of COVID-19 on the global economy, including the Company’s businesses, whether the Company, including its Core FFO ex-gains/losses and hospitality segment performance, will continue to rebound from the effects of COVID-19, whether the Company’s wellness infrastructure segment, including contractual rent collections, will continue to perform well despite ongoing impacts of COVID-19, the Company’s ability to continue driving strong growth in its digital business and accelerating its digital transformation, whether the Company will realize the anticipated benefits of Wafra’s strategic investment in the Company’s digital investment management business, including whether the Wafra investment will become subject to redemption and the amount of commitments Wafra will make to the Company’s digital investment products, the Company’s ability to raise third party capital in its managed funds or co-investment structures and the pace of such fundraising (including as a result of the impact of COVID-19), the performance of DataBank, including whether the pending zColo transaction will be consummated and if so, whether it will transform DataBank into a leading U.S. edge data center operator, the actual amount of third party capital to be raised by the Company in the zColo transaction, the success and performance of the Company’s future investment product offerings, including the Digital Equity franchise and Digital Credit initiative, whether the Company will realize the anticipated benefits of its investment in Vantage Data Centers, including the performance and stability of its portfolio, whether the Company will preserve and harvest value at its legacy assets, the pace of growth in the Company’s digital investment management franchise, the Company’s ability to bring high quality digital assets onto the balance sheet, the resilience and growth in demand for digital infrastructure, the Company’s ability to simplify its business and further monetize legacy businesses and assets, including the timing and amount of proceeds to be received by the Company if any (including whether anticipated 2020 levels of OED monetizations will be achieved), the Company’s ability to consummate the pending hospitality exit transaction and the amount of net proceeds to be received by the Company from the transaction, whether the Company’s operations of its non-digital business units will result in maximizing cash flows and value over time, including the impact of COVID-19 on such operations and cash flows, the timing of and proceeds from OED monetization and its impact on the Company’s near-term liquidity, the impact of impairments, the Company’s ability to successfully negotiate accommodations with lenders or refinance its mortgage debt on wellness infrastructure assets and hospitality properties on attractive terms, or at all, and any resulting impact on the Company’s financial condition and liquidity, whether the Company will maintain or produce higher Core FFO per share (including or excluding gains and losses from sales of certain investments) in the coming quarters, or ever, the Company’s FEEUM and its ability to continue growth at the current pace or at all, whether the Company will continue to pay dividends on its preferred stock, the impact of changes to the Company’s management or board of directors, employee and organizational structure, the Company’s financial flexibility and liquidity, including borrowing capacity under its revolving credit facility (including as a result of the impact of COVID-19), the use of sales proceeds and available liquidity, the performance of the Company’s investment in CLNC (including as a result of the impact of COVID-19), including the CLNC share price as compared to book value and how the Company evaluates the Company’s investment in CLNC, the impact of management changes at CLNC, the Company’s ability to minimize balance sheet commitments to its managed investment vehicles, customer demand for datacenters, the Company's portfolio composition, the Company's expected taxable income and net cash flows, excluding the contribution of gains, the Company’s ability to pay or grow the dividend at all in the future, the impact of any changes to the Company’s management agreements with NorthStar Healthcare Income, Inc., CLNC and other managed investment vehicles, whether Colony Capital will be able to maintain its qualification as a REIT for U.S. federal income tax purposes, the timing of and ability to deploy available capital, including whether any redeployment of capital will generate higher total returns, the Company’s ability to maintain inclusion and relative performance on the RMZ, Colony Capital’s leverage, including the Company’s ability to reduce debt and the timing and amount of borrowings under its credit facility, increased interest rates and operating costs, adverse economic or real estate developments in Colony Capital’s markets, Colony Capital’s failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, increased costs of capital expenditures, defaults on or non-renewal of leases by tenants, the impact of economic conditions (including the impact of COVID-19 on such conditions) on the borrowers of Colony Capital’s commercial real estate debt investments and the commercial mortgage loans underlying its commercial mortgage backed securities, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, each under the heading “Risk Factors,” as such factors may be updated from time to time in our subsequent periodic filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements reflect Colony Capital’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in Colony Capital’s reports filed from time to time with the SEC. Colony Capital cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. Colony Capital is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and Colony Capital does not intend to do so. This presentation may contain statistics and other data that has been obtained or compiled from information made available by third-party service providers. Colony Capital has not independently verified such statistics or data.

This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Colony Capital. This information is not intended to be indicative of future results. Actual performance of Colony Capital may vary materially.

The appendices herein contain important information that is material to an understanding of this presentation and you should read this presentation only with and in context of the appendices.

Colony Capital | Supplemental Financial Report Important Note Regarding Non-GAAP Financial Measures

This supplemental package includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles, or GAAP, including the financial metrics defined below, of which the calculations may from methodologies utilized by other REITs for similar performance measurements, and accordingly, may not be comparable to those of other REITs.

FFO: The Company calculates funds from operations (“FFO”) in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding (i) extraordinary items, as defined by GAAP; (ii) gains and losses from sales of depreciable real estate; (iii) impairment write-downs associated with depreciable real estate; (iv) gains and losses from a change in control in connection with interests in depreciable real estate or in-substance real estate, plus (v) real estate-related depreciation and amortization; and (vi) including similar adjustments for equity method investments. Included in FFO are gains and losses from sales of assets which are not depreciable real estate such as loans receivable, equity method investments, as well as equity and debt securities, as applicable.

Core FFO: The Company computes core funds from operations (“Core FFO”) by adjusting FFO for the following items, including the Company’s share of these items recognized by its unconsolidated partnerships and joint ventures: (i) gains and losses from sales of depreciable real estate within the Other Equity and Debt segment, net of depreciation, amortization and impairment previously adjusted for FFO; (ii) gains and losses from sales of businesses within the Investment Management segment and impairment write-downs associated with the Investment Management segment; (iii) equity-based compensation expense; (iv) effects of straight-line rent revenue and expense; (v) amortization of acquired above- and below- market lease values; (vi) amortization of deferred financing costs and debt premiums and discounts; (vii) unrealized fair value gains or losses on interest rate and foreign currency hedges, and foreign currency remeasurements; (viii) acquisition and merger related transaction costs; (ix) restructuring and merger integration costs; (x) amortization and impairment of finite-lived intangibles related to investment management contracts and customer relationships; (xi) gain on remeasurement of consolidated investment entities and the effect of amortization thereof; (xii) non-real estate fixed asset depreciation, amortization and impairment; (xiii) change in fair value of contingent consideration; and (xiv) tax effect on certain of the foregoing adjustments. Beginning with the first quarter of 2018, the Company’s Core FFO from its interest in Colony Credit Real Estate (NYSE: CLNC) represented its percentage interest multiplied by CLNC’s Core Earnings. Refer to CLNC’s filings with the SEC for the definition and calculation of Core Earnings.

FFO and Core FFO should not be considered alternatives to GAAP net income as indications of operating performance, or to cash flows from operating activities as measures of liquidity, nor as indications of the availability of funds for our cash needs, including funds available to make distributions. FFO and Core FFO should not be used as supplements to or substitutes for cash flow from operating activities computed in accordance with GAAP.

The Company uses FFO and Core FFO as supplemental performance measures because, in excluding real estate depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that captures trends in occupancy rates, rental rates, and operating costs. The Company also believes that, as widely recognized measures of the performance of REITs, FFO and Core FFO will be used by investors as a basis to compare its operating performance with that of other REITs. However, because FFO and Core FFO exclude depreciation and amortization and capture neither the changes in the value of the Company’s properties that resulted from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of its properties, all of which have real economic effect and could materially impact the Company’s results from operations, the utility of FFO and Core FFO as measures of the Company’s performance is limited. FFO and Core FFO should be considered only as supplements to GAAP net income as a measure of the Company’s performance. Additionally, Core FFO excludes the impact of certain fair value fluctuations, which, if they were to be realized, could have a material impact on the Company’s operating performance. The Company also presents Core FFO excluding gains and losses from sales of certain investments as well as its share of similar adjustments for CLNC. The Company believes that such a measure is useful to investors as it excludes periodic gains and losses from sales of investments that are not representative of its ongoing operations.

Digital Operating Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) and Adjusted EBITDA The Company calculates EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts, which defines EBITDAre as net income or loss calculated in accordance with GAAP, excluding interest, taxes, depreciation and amortization, gains or losses from the sale of depreciated property, and impairment of depreciated property. The Company calculates Adjusted EBITDA by adjusting EBITDAre for the effects of straight-line rental income/expense adjustments and amortization of acquired above- and below-market lease adjustments to rental income, equity-based compensation expense, restructuring and integration costs, transaction costs from unsuccessful deals and business combinations, litigation expense, the impact of other impairment charges, gains or losses from sales of undepreciated land, and gains or losses on early extinguishment of debt and hedging instruments. Revenues and corresponding costs related to the delivery of services that are not ongoing, such as installation services, are also excluded from Adjusted EBITDA. The Company uses EBITDAre and Adjusted EBITDA as supplemental measures of our performance because they eliminate depreciation, amortization, and the impact of the capital structure from its operating results. However, because EBITDAre and Adjusted EBITDA are calculated before recurring cash charges including interest expense and taxes, and are not adjusted for capital expenditures or other recurring cash requirements, their utilization as a cash flow measurement is limited.

Colony Capital | Supplemental Financial Report Important Note Regarding Non-GAAP Financial Measures

Fee Related Earnings (“FRE”): The Company calculates FRE for its investment management business within the digital segment as base management fees, other service fee income, and other income inclusive of cost reimbursements, less compensation expense (excluding equity-based compensation), administrative expenses, and other operating expenses related to the investment management business. The Company uses FRE as a supplemental performance measure as it may provide additional insight into the profitability of the overall digital investment management business and is presented prior to the deduction for Wafra's 31.5% interest.

NOI: NOI for our real estate segments represents total property and related income less property operating expenses, adjusted for the effects of (i) straight-line rental income adjustments; (ii) amortization of acquired above- and below-market lease adjustments to rental income; and (iii) other items such as adjustments for the Company’s share of NOI of unconsolidated ventures.

The Company believes that NOI is a useful measure of operating performance of its respective real estate portfolios as it is more closely linked to the direct results of operations at the property level. NOI also reflects actual rents received during the period after adjusting for the effects of straight-line rents and amortization of above- and below- market leases; therefore, a comparison of NOI across periods better reflects the trend in occupancy rates and rental rates of the Company’s properties.

NOI excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjust for the effects of real estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions. This allows for comparability of operating performance of the Company’s properties period over period and also against the results of other equity REITs in the same sectors. Additionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes, which are incurred by the parent entity and are not directly linked to the operating performance of the Company’s properties, NOI provides a measure of operating performance independent of the Company’s capital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of the Company’s properties, and transaction costs and administrative costs, may limit the usefulness of NOI. NOI may fail to capture significant trends in these components of U.S. GAAP net income (loss) which further limits its usefulness. NOI should not be considered as an alternative to net income (loss), determined in accordance with U.S. GAAP, as an indicator of operating performance.

Pro-rata: The Company presents pro-rata financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro-rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests’ share of assets, liabilities, profits and losses was computed by applying noncontrolling interests’ economic interest to each financial statement line item. The Company provides pro-rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments. However, pro-rata financial information as an analytical tool has limitations. Other equity REITs may not calculate their pro-rata information in the same methodology, and accordingly, the Company’s pro-rata information may not be comparable to such other REITs' pro-rata information. As such, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information as reported under GAAP.

Tenant/operator provided information: The information related to the Company’s tenants/operators that is provided in this presentation has been provided by, or derived from information provided by, such tenants/operators. The Company has not independently verified this information and has no reason to believe that such information is inaccurate in any material respect. The Company is providing this data for informational purposes only.

Colony Capital | Supplemental Financial Report Note Regarding CLNY Reportable Segments / Consolidated and OP Share of Consolidated Amounts

This presentation includes supplemental financial information for the following segments: Digital Investment Management, Digital Operating, Digital Other, Wellness Infrastructure and Other.

Digital Investment Management This business encompasses the investment and stewardship of third party capital in digital infrastructure and real estate. The Company's flagship opportunistic strategy is conducted through DCP and separately capitalized vehicles while other strategies, including digital credit and public equities, will be or are conducted through other investment vehicles. The Company earns management fees, generally based on the amount of assets or capital managed in investment vehicles, and have the potential to earn carried interest based on the performance of such investment vehicles subject to achievement of minimum return hurdles.

Digital Operating This business is composed of balance sheet equity interests in digital infrastructure and real estate operating companies, which generally earns rental income from providing use of space and/or capacity in or on digital assets through leases, services and other agreements. The Company currently owns interests in two companies, DataBank's edge colocation data centers and Vantage stabilized hyperscale data centers ("Vantage SDC"), which are also portfolio companies under Digital IM for the equity interests owned by third party capital.

Digital Other This segment is composed of equity interests in digital investment vehicles, the largest of which is the Company’s investment and commitment to DCP. This segment also includes the Company’s investment and commitment to the digital liquid strategies and seed investments for future digital investment vehicles.

Wellness Infrastructure This segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi- tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement.

Other This segment is composed of other equity and debt investments ("OED") and non-digital investment management business ("Other IM"). OED encompasses a diversified group of non-digital real estate and real estate-related equity and debt investments, including shares in Colony Credit Real Estate, Inc ("CLNC"), other real estate equity and debt investments and other real estate related securities, among other holdings. Over time, the Company expects to monetize the bulk of its OED portfolio as it completes its digital evolution. Other IM, which is separate from Digital IM, encompasses the Company’s management of private real estate credit funds and related co-investment vehicles, CLNC, and NorthStar Healthcare, a public non-traded healthcare REIT. Many of the investments underlying these vehicles are co-owned by the Company’s balance sheet and categorized under OED. The Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or potential carried interest based on the performance of the investment vehicles managed subject to achievement of minimum return hurdles.

Discontinued Operations In September, the Company entered into a definitive agreement to sell five of the six hotel portfolios in its former Hospitality segment and its 55% interest in the THL Hotel Portfolio, with a total of 197 hotel properties. The sixth hotel portfolio is in the process of receivership and the other 45% interest in the THL Hotel Portfolio continues to be held by investment vehicles managed by the Company. The sale of these hotel portfolios is a strategic shift that will have a significant effect on the Company’s operations and financial results, and has met the criteria as held for sale and discontinued operations. For all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets and the related operating results are presented as loss from discontinued operations on the consolidated statement of operations. In December 2019, the Company completed the sale of the light industrial portfolio and its related management platform, which represented the vast majority of the former industrial segment. The Company continues to own the bulk industrial assets which remain held for sale and are presented as discontinued operations on the consolidated statements of operations.

Throughout this presentation, consolidated figures represent the interest of both the Company (and its subsidiary Colony Capital Operating Company or the “CLNY OP”) and noncontrolling interests. Figures labeled as CLNY OP share represent the Company’s pro-rata share.

Colony Capital | Supplemental Financial Report Table of Contents

Page Page I. Financial Overview VII. Wellness Infrastructure a. Summary Metrics 6 a. Summary Metrics and Operating Results 22 b. Summary of Segments 7-8 b. Portfolio Overview 23-24 II. Financial Results VIII. Other a. Consolidated Balance Sheet 9 a. Other Equity and Debt 25-27 b. Noncontrolling Interests’ Share Balance Sheet 10 b. Other Investment Management 28 c. Consolidated Segment Operating Results 11 IX. Total Company Assets Under Management 29 d. Noncontrolling Interests’ Share Segment 12 Operating Results X. Appendices e. Segment Reconciliation of Net Income to FFO & 13 a. Definitions 31-32 Core FFO b. Reconciliation of Net Income (Loss) to NOI 33 III. Capitalization Reconciliation of Net Income (Loss) to Digital a. Overview 14 Investment Management FRE and Reconciliation of c. Net Income (Loss) to Digital Operating Adjusted 34 b. Revolving Credit Facility 15 EBITDA Convertible/Exchangeable Notes & Perpetual d. Discontinued Operations 35 c. Preferred Stock 16 d. Debt Maturity and Amortization Schedules 17 e. Structure 18 IV. Digital Investment Management 19

V. Digital Operating 20

VI. Digital Other 21

Colony Capital | Supplemental Financial Report 5 Ia. Financial Overview - Summary Metrics

($ and shares in thousands, except per share data and as noted; as of or for the three months ended September 30, 2020, unless otherwise noted) (Unaudited) Financial Data Net income (loss) attributable to common stockholders $ (205,784) Net income (loss) attributable to common stockholders per basic share (0.44) Core FFO (76,697) Core FFO per basic share (0.14) Core FFO excluding gains/losses 4,782 Core FFO excluding gains/losses per basic share 0.01

Balance Sheet, Capitalization and Trading Statistics Total consolidated assets $ 19,043,050 CLNY OP share of consolidated assets 10,087,808 Total consolidated debt(1) 7,165,859 CLNY OP share of consolidated debt(1) 3,683,660 Shares and OP units outstanding as of September 30, 2020(2) 535,473 Shares and OP units outstanding as of November 2, 2020(2) 535,439 Liquidation preference of perpetual preferred equity 1,033,750 Insider ownership of shares and OP units as of November 2, 2020 10.0 % Digital Assets Under Management ("AUM") $23.3 billion Digital Fee Earning Equity Under Management ("FEEUM") $8.6 billion Total Company AUM $46.8 billion Total Company FEEUM $17.4 billion

Notes: In evaluating the information presented throughout this presentation see the appendices to this presentation for definitions and reconciliations of non-GAAP financial measures to GAAP measures. (1) Represents principal balance and excludes debt issuance costs, discounts and premiums. Excludes $3.5 billion consolidated, or $3.0 billion CLNY OP share, of Hospitality and THL portfolio debt and $235 million consolidated, or $120 million CLNY OP share, of Bulk Industrial portfolio debt. (2) The Company issued Wafra five warrants to purchase up to an aggregate of 5% (on a fully-diluted, post-transaction basis) of the Company’s class A common stock. Each warrant entitles Wafra to purchase up to 5.35 million shares of the Company's class A common stock, with strike prices of $2.43, $3.00, $4.00, $5.00 and $6.00 per share for each warrant, exercisable until July 17, 2026.

Colony Capital | Supplemental Financial Report 6 Ib. Financial Overview - Summary of Segments

Consolidated CLNY OP share of ($ in thousands; as of or for the three months ended September 30, 2020, unless otherwise noted) amount consolidated amount Digital Investment Management(1) Third-party AUM ($ in millions) $ 22,237 FEEUM ($ in millions) 8,554 Q3 2020 fee related earnings (FRE)(2) 8,889

Digital Operating Q3 2020 Adjusted EBITDA(3)(4) 45,568 6,948 Investment-level non-recourse financing(5) 2,546,359 355,263

Digital Other Net carrying value 256,451 210,396

Notes: (1) In July 2020, the Company closed on a strategic investment from Wafra of approximately $250 million for a 31.5% ownership stake in the Digital Investment Management business. Wafra also committed over $150 million to Digital Colony’s current and future GP co-investments. (2) For a reconciliation of net income/(loss) to FRE, please refer to the appendix to this presentation. (3) For a reconciliation of net income/(loss) from continuing operations to Adjusted EBITDA, please refer to the appendix to this presentation. (4) Includes a partial period of EBITDA for the Vantage SDC portfolio acquired on July 22, 2020. (5) Represents unpaid principal balance.

Colony Capital | Supplemental Financial Report 7 Ib. Financial Overview - Summary of Segments (cont’d)

Consolidated CLNY OP share of ($ in thousands except as noted; as of or for the three months ended September 30, 2020, unless otherwise noted) amount consolidated amount Wellness Infrastructure Q3 2020 net operating income(1)(2) $ 61,653 $ 43,732 Investment-level non-recourse financing(3) 2,773,688 1,963,248

Other Other Equity & Debt ("OED")(4) Assets $ 5,228,820 $ 2,631,143 Debt(3) 2,068,626 1,097,262 Equity $ 3,160,194 $ 1,533,881 Other Investment Management Third-party AUM ($ in millions) 14,679 FEEUM ($ in millions) 8,832 Q3 2020 fee revenue 23,871

Net Assets Cash and cash equivalents, restricted cash and other assets(5) $ 1,393,008 $ 754,037 Accrued and other liabilities and dividends payable(6) 760,436 425,928 Net assets $ 632,572 $ 328,109

Notes: (1) NOI includes $1.0 million consolidated or $0.7 million CLNY OP share of interest earned related to $52 million consolidated or $37 million CLNY OP share carrying value of healthcare real estate loans. This interest income is in the Interest Income line item on the Company’s Statement of Operations. (2) For a reconciliation of net income/(loss) from continuing operations to NOI, please refer to the appendix to this presentation. (3) Represents unpaid principal balance. (4) Includes all components related to real estate assets, including tangible real estate and lease-related intangibles, and assets and liabilities classified as held for sale on the Company’s financial statements. Includes THL hotel and Bulk Industrial portfolio assets and debt of $1.3 billion consolidated, or $0.7 billion CLNY OP share, and $1.1 billion consolidated, or $0.6 billion CLNY OP share, respectively. The THL hotel and Bulk Industrial portfolios are classified as held for sale and presented under discontinued operations for the third quarter 2020. (5) Other assets excludes $15 million consolidated and CLNY OP share of margin/collateral value which is included in the assets of Digital Other investments shown on page 21 and $28.0 million consolidated or $15.6 million CLNY OP share of THL capital reserves which is included in OED assets shown on pages 25-27. (6) Accrued and other liabilities excludes $97 million of derivative liability which is included in the debt of Digital Other investments shown on page 21 and $(47.7) million consolidated or $(26.5) million CLNY OP share of THL working capital reserves which is included in OED assets shown on pages 25-27.

Colony Capital | Supplemental Financial Report 8 IIa. Financial Results - Consolidated Balance Sheet

($ in thousands, except per share data) (unaudited) As of September 30, 2020 Assets Cash and cash equivalents $ 658,446 Restricted cash 167,109 Real estate, net 7,860,474 Loans receivable 1,325,144 Equity and debt investments 1,911,988 Goodwill 851,757 Deferred leasing costs and intangible assets, net 1,275,039 Assets held for disposition 4,379,558 Other assets 534,734 Due from affiliates 78,801 Total assets $ 19,043,050 Liabilities Debt, net $ 7,085,994 Accrued and other liabilities 789,866 Intangible liabilities, net 109,616 Liabilities related to assets held for disposition 3,908,474 Due to affiliates 1,279 Dividends and distributions payable 18,516 Total liabilities 11,913,745 Commitments and contingencies Redeemable noncontrolling interests 287,231 Equity Stockholders’ equity: Preferred stock, $0.01 par value per share; $1,033,750 liquidation preference; 250,000 shares authorized; 41,350 shares issued and outstanding 999,490 Common stock, $0.01 par value per share Class A, 949,000 shares authorized; 481,662 shares issued and outstanding 4,817 Class B, 1,000 shares authorized; 734 shares issued and outstanding 7 Additional paid-in capital 7,559,551 Accumulated deficit (6,054,881) Accumulated other comprehensive income 76,610 Total stockholders’ equity 2,585,594 Noncontrolling interests in investment entities 4,085,739 Noncontrolling interests in Operating Company 170,741 Total equity 6,842,074 Total liabilities, redeemable noncontrolling interests and equity $ 19,043,050

Colony Capital | Supplemental Financial Report 9 IIb. Financial Results - Noncontrolling Interests’ Share Balance Sheet

($ in thousands, except per share data) (unaudited) As of September 30, 2020 Assets Cash and cash equivalents $ 191,729 Restricted cash 90,053 Real estate, net 4,627,456 Loans receivable 607,857 Equity and debt investments 704,460 Goodwill 463,537 Deferred leasing costs and intangible assets, net 903,806 Assets held for disposition 993,891 Other assets 372,453 Total assets $ 8,955,242 Liabilities Debt, net $ 3,501,057 Accrued and other liabilities 313,336 Intangible liabilities, net 53,544 Liabilities related to assets held for disposition 714,335 Total liabilities 4,582,272 Commitments and contingencies Redeemable noncontrolling interests 287,231 Equity Stockholders’ equity: Preferred stock, $0.01 par value per share; $1,033,750 liquidation preference; 250,000 shares authorized; 41,350 shares issued and outstanding — Common stock, $0.01 par value per share Class A, 949,000 shares authorized; 481,662 shares issued and outstanding — Class B, 1,000 shares authorized; 734 shares issued and outstanding — Additional paid-in capital — Accumulated deficit — Accumulated other comprehensive income — Total stockholders’ equity — Noncontrolling interests in investment entities 4,085,739 Noncontrolling interests in Operating Company — Total equity 4,085,739 Total liabilities, redeemable noncontrolling interests and equity $ 8,955,242

Colony Capital | Supplemental Financial Report 10 IIc. Financial Results - Consolidated Segment Operating Results

Three Months Ended September 30, 2020 Digital Amounts not Investment Digital Digital Wellness Discontinued allocated to ($ in thousands) (Unaudited) Management Operating Other Infrastructure Other Operations segments Total Revenues — Property operating income $ — $ 98,506 $ 16 $ 120,479 $ 27,121 $ — $ — $ 246,122 Interest income 2 — 2 992 12,566 — 1,254 14,816 Fee income 20,048 — — — 23,871 — — 43,919 Other income 87 43 718 2,722 5,740 — 2,510 11,820 Total revenues 20,137 98,549 736 124,193 69,298 — 3,764 316,677 Expenses Property operating expense — 37,544 — 57,459 13,390 — — 108,393 Interest expense — 18,589 — 32,310 6,479 — 14,471 71,849 Investment and servicing expense — 2,237 1,141 1,031 24,871 — 1,252 30,532 Transaction costs — 5 — — — — 3,305 3,310 Depreciation and amortization 6,427 73,032 — 31,961 13,208 — 1,105 125,733 Impairment loss 3,832 — — 2,451 29,886 — — 36,169 Compensation expense — Cash and equity-based compensation 9,603 8,697 — 3,113 14,267 — 18,100 53,780 Carried interest and incentive compensation 912 — — — — — — 912 Administrative expenses 1,846 2,970 82 991 5,853 — 11,758 23,500 Total expenses 22,620 143,074 1,223 129,316 107,954 — 49,991 454,178 Other income (loss) Gain on sale of real estate assets — — — 186 13,072 — — 13,258 Other gain (loss), net 32 (45) 2,917 3,836 (27,662) — (1,572) (22,494) Equity method earnings (loss) 52 — 4,400 — (57,935) — — (53,483) Equity method earnings (loss) - carried interest 6,082 — — — — — — 6,082 Income (loss) before income taxes 3,683 (44,570) 6,830 (1,101) (111,181) — (47,799) (194,138) Income tax benefit (expense) (144) 6,091 (73) (5,868) 10,053 — (137) 9,922 Income (loss) from continuing operations 3,539 (38,479) 6,757 (6,969) (101,128) — (47,936) (184,216) Income (loss) from discontinued operations — — — — — (177,014) — (177,014) Net income (loss) 3,539 (38,479) 6,757 (6,969) (101,128) (177,014) (47,936) (361,230) Net income (loss) attributable to noncontrolling interests: Redeemable noncontrolling interests (2,681) — 523 — — — — (2,158) Investment entities 4,299 (33,154) — 5,629 (65,072) (60,856) — (149,154) Operating Company 191 (528) 618 (1,249) (3,575) (11,519) (6,589) (22,651) Net income (loss) attributable to Colony Capital, Inc. 1,730 (4,797) 5,616 (11,349) (32,481) (104,639) (41,347) (187,267) Preferred stock dividends — — — — — — 18,517 18,517 Net income (loss) attributable to common stockholders $ 1,730 $ (4,797) $ 5,616 $ (11,349) $ (32,481) $ (104,639) $ (59,864) $ (205,784)

Colony Capital | Supplemental Financial Report 11 IId. Financial Results - Noncontrolling Interests’ Share Segment Operating Results

Three Months Ended September 30, 2020 Digital Amounts not Investment Digital Digital Wellness Discontinued allocated to ($ in thousands) (unaudited) Management Operating Other Infrastructure Other Operations segments Total Revenues — Property operating income $ — $ 82,912 $ — $ 35,049 $ 17,149 $ — $ — $ 135,110 Interest income — — — 300 5,832 — — 6,132 Fee income 6,305 — — — 28 — — 6,333 Other income 28 38 131 815 2,946 — — 3,958 Total revenues 6,333 82,950 131 36,164 25,955 — — 151,533 Expenses Property operating expense — 31,647 — 16,710 8,205 — — 56,562 Interest expense — 15,640 — 9,276 4,443 — — 29,359 Investment and servicing expense — 2,143 3 312 12,626 — — 15,084 Transaction costs — — — — — — — — Depreciation and amortization 1,394 62,119 — 9,347 7,187 — — 80,047 Impairment loss 1,207 — — 730 18,863 — — 20,800 Compensation expense Cash and equity-based compensation 2,520 6,956 — — 2,010 — — 11,486 Carried interest and incentive compensation 287 — — — — — — 287 Administrative expenses 504 2,432 82 145 1,248 — — 4,411 Total expenses 5,912 120,937 85 36,520 54,582 — — 218,036 Other income (loss) Gain on sale of real estate assets — — — 38 8,708 — — 8,746 Other gain (loss), net 10 (39) 477 1,164 (14,965) — — (13,353) Equity method earnings (loss) 41 — — — (28,328) — — (28,287) Equity method earnings (loss) - carried interest 4,832 — — — — — — 4,832 Income (loss) before income taxes 5,304 (38,026) 523 846 (63,212) — — (94,565) Income tax benefit (expense) (2) 4,872 — (1,781) (1,860) — — 1,229 Net income (loss) 5,302 (33,154) 523 (935) (65,072) — — (93,336) Income (loss) from discontinued operations — — — — (60,856) — (60,856) Non-pro rata allocation of income (loss) to NCI (3,684) — — 6,564 — — — 2,880 Net income (loss) attributable to noncontrolling interests $ 1,618 $ (33,154) $ 523 $ 5,629 $ (65,072) $ (60,856) $ — $ (151,312)

Colony Capital | Supplemental Financial Report 12 IIe. Financial Results - Segment Reconciliation of Net Income to FFO & Core FFO

OP pro rata share by segment Amounts Amounts not Total OP attributable to CLNY ($ in thousands; For the Three Months Ended September 30 ,2020; and Digital Digital Wellness Discontinued allocated to pro rata noncontrolling consolidated Unaudited) Digital IM Operating Other Infrastructure Other Operations segments share interests as reported Net income (loss) attributable to common stockholders $ 1,730 $ (4,797) $ 5,616 $ (11,349) $ (32,484) $ (104,636) $ (59,864) $ (205,784) $ — $ (205,784) Net income (loss) attributable to noncontrolling common interests in Operating Company 191 (528) 618 (1,249) (3,572) (11,522) (6,589) (22,651) — (22,651) Net income (loss) attributable to common interests in Operating Company and common stockholders 1,921 (5,325) 6,234 (12,598) (36,056) (116,158) (66,453) (228,435) — (228,435) Adjustments for FFO: Real estate depreciation and amortization — 10,388 — 26,150 9,121 32,794 — 78,453 84,252 162,705 Impairment of real estate — — — 1,694 7,312 63,027 — 72,033 70,734 142,767 Gain from sales of real estate — — — (148) (4,449) 346 — (4,251) (8,081) (12,332) Less: Adjustments attributable to noncontrolling interests in investment entities — — — — — — — — (146,905) (146,905) FFO $ 1,921 $ 5,063 $ 6,234 $ 15,098 $ (24,072) $ (19,991) $ (66,453) $ (82,200) $ — $ (82,200)

Additional adjustments for Core FFO: Gains and losses from sales of depreciable real estate within the Other segment, net of depreciation, amortization and impairment previously adjusted for FFO(1) — — — — (4,461) — — (4,461) (6,068) (10,529) Gains and losses from sales of investment management businesses and impairment write-downs associated investment management 2,625 — — — 3,521 — — 6,146 1,400 7,546 CLNC Core Earnings adjustments(2) — — — — (27,256) — — (27,256) — (27,256) Equity-based compensation expense 166 29 — 729 2,452 202 4,659 8,237 143 8,380 Straight-line rent revenue and expense 10 (249) — (1,983) (122) (192) (224) (2,760) (3,522) (6,282) Amortization of acquired above- and below-market lease values, net — 106 — (1,563) 68 (8) — (1,397) 21 (1,376) Amortization of deferred financing costs and debt premiums and discounts — (397) 33 1,896 (1,440) 2,403 3,099 5,594 (1,212) 4,382 Unrealized fair value losses on interest rate and foreign currency hedges, and foreign currency remeasurements — (11) — (2,705) 5,909 — — 3,193 (1,241) 1,952 Acquisition and merger-related transaction costs — 5 — — 153 4,500 3,305 7,963 — 7,963 Restructuring and merger integration costs(3) — — — — 667 — 6,172 6,839 — 6,839 Amortization and impairment of investment management intangibles 2,045 — — — 2,494 — — 4,539 4,310 8,849 Non-real estate fixed asset depreciation, amortization and impairment 55 525 — — 27 — 1,105 1,712 2,161 3,873 Tax effect of Core FFO adjustments, net (1,185) (642) — — (1,019) — — (2,846) (2,564) (5,410) Less: Adjustments attributable to noncontrolling interests in investment entities — — — — — — — — 6,572 6,572 Core FFO $ 5,637 $ 4,429 $ 6,267 $ 11,472 $ (43,079) $ (13,086) $ (48,337) $ (76,697) $ — $ (76,697) Less: Core FFO (gains) losses — — — 3,412 77,340 727 — 81,479 — 81,479 Core FFO ex-gains/losses attributable to common interests in Operating Company and common stockholders $ 5,637 $ 4,429 $ 6,267 $ 14,884 $ 34,261 $ (12,359) $ (48,337) $ 4,782 $ — $ 4,782

Notes: (1) Net of $23.7 million consolidated or $8.9 million CLNY OP share of depreciation, amortization and impairment charges previously adjusted to calculate FFO. (2) Represents adjustments to align the Company’s Core FFO with CLNC’s definition of Core Portfolio Core Earnings to reflect the Company’s percentage interest in CLNC's earnings. (3) Restructuring and merger integration costs primarily represent costs and charges incurred as a result of corporate restructuring and reorganization to implement the digital evolution. These costs and charges include severance, retention, relocation, transition, shareholder settlement and other related restructuring costs, which are not reflective of the Company’s core operating performance and the Company does not expect to incur these costs subsequent to the completion of the digital transformation.

Colony Capital | Supplemental Financial Report 13 IIIa. Capitalization - Overview

($ in thousands; except per share data; as of September 30, 2020, Consolidated CLNY OP share of Wtd. avg. years Wtd. avg. unless otherwise noted) amount consolidated amount remaining to maturity(1) interest rate(2)

Debt (UPB) Non-recourse debt: Digital Operating $ 2,546,359 $ 355,263 3.3 4.4 % Wellness Infrastructure 2,773,688 1,963,248 3.8 4.1 % Other 987,200 506,537 3.0 3.7 % (3) Trust Preferred Securities ("TruPS") 280,117 280,117 15.7 3.1 % (4) Total non-recourse debt(5) 6,587,364 3,105,165

Corporate debt: $500 million revolving credit facility — — N/A N/A Convertible/exchangeable senior notes(6) 545,107 545,107 3.9 5.4 % Other corporate debt 33,388 33,388 5.2 5.0 % Total corporate debt 578,495 578,495 Total debt(5) $ 7,165,859 $ 3,683,660

Non-recourse debt - Fixed / Floating summary Fixed $ 2,269,654 $ 612,236 Floating 4,317,710 2,492,929 Total non-recourse debt $ 6,587,364 $ 3,105,165

Perpetual preferred stock, redemption value Total perpetual preferred stock $ 1,033,750

Notes: (1) Weighted Average Years Remaining to Maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of November 2, 2020, the latest practicable date that the information was available, and the extension option is at the Company’s discretion. (2) Based on 1-month LIBOR of 0.15% and 3-month LIBOR of 0.23% for floating rate debt. (3) Includes the TruPS, which were issued by trusts of which the sole assets are junior subordinated notes issued by NRF Holdco, LLC. NRF Holdco, LLC is a subsidiary of the Company and owns the Wellness Infrastructure segment, the Hospitality portfolio, as well as certain OED. The Company is neither an obligor nor guarantor on the junior subordinated debt or TruPS. (4) Based on 3-month LIBOR plus rates between 2.50% to 3.25%. (5) During the third quarter 2020, the Company entered into definitive agreement to sell all but one hospitality portfolio, which is under receivership. These assets and the Bulk Industrial portfolio are presented under discontinued operations for the third quarter 2020 and the related $3.5 billion consolidated, or $3.0 billion CLNY OP share, of Hospitality and THL portfolio debt, and $235 million consolidated, or $120 million CLNY OP share, of Bulk Industrial portfolio debt is excluded from above presentation. (6) The 5.375% exchangeable senior notes is an obligation of NRF Holdco, LLC as the issuer, a subsidiary of the Company.

Colony Capital | Supplemental Financial Report 14 IIIb. Capitalization - Revolving Credit Facility

($ in thousands, except as noted; as of September 30, 2020) Revolving credit facility Maximum principal amount $ 500,000 Amount outstanding — Initial maturity January 11, 2021 Fully-extended maturity January 10, 2022 Interest rate LIBOR + 2.50%

Financial covenants as defined in the Credit Agreement(1): Covenant level Consolidated Tangible Net Worth Minimum $1,740 million Consolidated Fixed Charge Coverage Ratio(2) Minimum 1.30 to 1.00 Interest Coverage Ratio(3) Minimum 3.00 to 1.00 Consolidated Leverage Ratio Maximum 0.65 to 1.00

Company status: As of September 30, 2020, CLNY is meeting all required covenant threshold levels.

Notes: (1) The Company's credit agreement allows for the exclusion of the assets, debt, fixed charges and earnings of investments with non-recourse debt at the Company's election. (2) The borrowing base is discounted by 10% at a Fixed Charge Coverage Ratio between 1.30 and 1.50 to 1.00. (3) Interest Coverage Ratio represents the ratio of the sum of (1) earnings from borrowing base assets and (2) certain investment management earnings divided by the greater of (a) actual interest expense on the revolving credit facility and (b) the average balance of the facility multiplied by 7.0% for the applicable quarter.

Colony Capital | Supplemental Financial Report 15 IIIc. Capitalization - Convertible/Exchangeable Notes & Perpetual Preferred Stock

($ in thousands; except per share data; as of September 30, 2020, unless otherwise noted) Convertible/exchangeable debt Conversion price (per share Outstanding of common Conversion Conversion Description principal Final due date(1) Interest rate stock) ratio shares 5.75% Exchangeable senior notes $ 300,000 July 15, 2025 5.75% fixed $ 2.30 434.7826 130,435 3.875% Convertible senior notes 31,502 January 15, 2021 3.875% fixed 16.57 60.3431 1,901 5.0% Convertible senior notes 200,000 April 15, 2023 5.00% fixed 15.76 63.4700 12,694 5.375% Exchangeable senior notes(2) 13,605 June 15, 2033 5.375% fixed 12.04 83.0837 1,130 Total convertible debt $ 545,107

Perpetual preferred stock Liquidation Shares outstanding Description preference (In thousands) Callable period Series G 7.5% cumulative redeemable perpetual preferred stock $ 86,250 3,450 Callable Series H 7.125% cumulative redeemable perpetual preferred stock 287,500 11,500 Callable Series I 7.15% cumulative redeemable perpetual preferred stock 345,000 13,800 On or after June 5, 2022 Series J 7.125% cumulative redeemable perpetual preferred stock 315,000 12,600 On or after September 22, 2022 Total preferred stock $ 1,033,750 41,350

Notes: (1) Callable at principal amount only if CLNY common stock has traded at least 130% of the conversion price for 20 of 30 consecutive trading days: on or after April 22, 2020, for the 5.0% convertible senior notes; on or after January 22, 2019, for the 3.875% convertible senior notes; and on or after on or after June 15, 2020, for the 5.375% exchangeable senior notes. (2) The 5.375% exchangeable senior notes is an obligation of NRF Holdco, LLC as the issuer, a subsidiary of the Company.

Colony Capital | Supplemental Financial Report 16 IIId. Capitalization - Debt Maturity and Amortization Schedules

($ in thousands; as of September 30, 2020) Payments due by period(1) Consolidated debt 2020 2021 2022 2023 2024 and after Total Non-recourse debt: Digital Operating $ 4,631 $ 18,576 $ 108,656 $ 1,108,939 $ 1,305,557 $ 2,546,359 Wellness Infrastructure 48,603 139,421 54,172 14,294 2,517,198 2,773,688 Other 164,845 177,818 110,109 92,299 442,129 987,200 TruPS(2) — — — — 280,117 280,117 Corporate debt: $500 million revolving credit facility — — — — — — Convertible/exchangeable senior notes(3) — 31,502 — 200,000 313,605 545,107 Other corporate debt 573 2,359 2,481 2,609 25,366 33,388 Total consolidated debt $ 218,652 $ 369,676 $ 275,418 $ 1,418,141 $ 4,883,972 $ 7,165,859

Pro rata debt 2020 2021 2022 2023 2024 and after Total Non-recourse debt: Digital Operating $ 636 $ 2,554 $ 13,739 $ 139,673 $ 198,661 $ 355,263 Wellness Infrastructure 34,248 111,818 42,472 10,006 1,764,704 1,963,248 Other 68,220 166,864 36,907 80,406 154,140 506,537 TruPS(2) — — — — 280,117 280,117 Corporate debt: $500 million revolving credit facility — — — — — — Convertible/exchangeable senior notes(3) — 31,502 — 200,000 313,605 545,107 Other corporate debt 573 2,359 2,481 2,609 25,366 33,388 Total pro rata debt $ 103,677 $ 315,097 $ 95,599 $ 432,694 $ 2,736,593 $ 3,683,660

Notes: (1) Weighted Average Years Remaining to Maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of November 2, 2020, the latest practicable date that the information was available, and the extension option is at the Company’s discretion. (2) Includes the TruPS, which were issued by trusts of which the sole assets are junior subordinated notes issued by NRF Holdco, LLC. NRF Holdco, LLC is a subsidiary of the Company and owns the Wellness Infrastructure segment, the Hospitality portfolio, as well as certain OED. The Company is neither an obligor nor guarantor on the junior subordinated debt or TruPS. (3) The 5.375% exchangeable senior notes is an obligation of NRF Holdco, LLC as the issuer, a subsidiary of the Company.

Colony Capital | Supplemental Financial Report 17 IIIe. Capitalization - Structure

Colony Capital | Supplemental Financial Report 18 IV. Digital Investment Management

Digital Third-party AUM & FEEUM ($ in millions, as of September 30, 2020, unless otherwise noted) AUM CLNY OP Share FEEUM CLNY OP Share Fee Rate Digital Colony Partners I $ 5,686 $ 3,756 1.2 % Separately Capitalized Portfolio Companies 7,747 2,487 0.9 % Co-Investment (Sidecar) Capital 8,707 2,158 0.5 % Liquid Strategies 97 153 0.5 % Digital Investment Management Total $ 22,237 $ 8,554 0.9 %

FRE(1) ($ in thousands, unless otherwise noted) Q3 2020 Fee income $ 20,048 Other income 87 Compensation expense—cash (9,414) Administrative expenses (1,832) FRE Total $ 8,889

Notes: (1) For a reconciliation of net income/(loss) to FRE, please refer to the appendix to this presentation.

Colony Capital | Supplemental Financial Report 19 V. Digital Operating

Portfolio Overview Consolidated CLNY OP share of ($ in thousand, as of September 30, 2020, unless otherwise noted) amount consolidated amount Asset(1) $ 4,925,383 $ 724,234 Debt(2) (2,546,359) (355,263) Net Carrying Value $ 2,379,024 $ 368,971

Adjusted EBITDA(3) Q3 2020 ($ in thousands, unless otherwise noted) Consolidated CLNY OP share of amount consolidated amount Total revenues $ 98,549 $ 15,600 Property operating expenses (37,544) (6,026) Compensation and administrative expenses (11,592) (2,299) Transaction, investment and servicing costs (2,242) (266) EBITDAre(4): $ 47,171 7,009 Straight-line rent expenses and amortization of above- and below-market lease intangibles (2,106) (154) Compensation expense—equity-based 148 30 Installation services (65) (13) Restructuring & integration costs 470 94 Transaction, investment and servicing costs (50) (18) Adjusted EBITDA(4): $ 45,568 $ 6,948

Operating Metrics ($ in millions, unless otherwise noted) 9/30/20 9/30/19(5) Number of Data Centers 32 29 Max Critical I.T. Square Feet 1,137,866 1,047,304 Leased Square Feet 945,640 818,341 % Utilization Rate 83.1 % 78.1 % MRR (Annualized) $ 374.0 $ 296.2 Bookings (Annualized) $ 9.4 $ 13.0 Quarterly Churn (% of Prior Quarter MRR) 1.0 % 1.2 %

Notes: (1) Includes all components related to real estate assets, including tangible real estate and lease-related intangibles (2) Represents unpaid principal balance. (3) For a reconciliation of net income/(loss) from continuing operations to adjusted EBITDA, please refer to the appendix to this presentation. (4) Includes a partial quarter of EBITDAre and Adjusted EBITDA for the 12.4% interest in the Vantage SDC portfolio the Company acquired on July 22, 2020. (5) The Company did not own an interest in DataBank or Vantage SDC in the third quarter 2019.

Colony Capital | Supplemental Financial Report 20 VI. Digital Other

Portfolio Overview Consolidated CLNY OP share of ($ in thousand, as of September 30, 2020, unless otherwise noted) amount consolidated amount CLNY's GP Co-investments in DCP I Investments ($250 million total commitment) $ 184,829 $ 176,329 Equity interests in digital investment vehicles(1) 71,622 34,067 Net carrying value $ 256,451 $ 210,396

Notes: (1) Net of $97 million of derivative liability from Accrued and Other Liabilities.

Colony Capital | Supplemental Financial Report 21 VIIa. Wellness Infrastructure - Summary Metrics and Operating Results

($ in thousands; as of or for the three months ended September 30, 2020, unless otherwise noted) Consolidated CLNY OP share of Net operating income amount consolidated amount Net operating income: Senior Housing - Operating $ 12,011 $ 8,430 Medical Office Buildings 12,527 8,724 Triple-Net Lease: Senior Housing(1) 13,223 9,312 Skilled Nursing Facilities 22,304 16,160 Hospitals 1,588 1,106 Total net operating income $ 61,653 $ 43,732

Total number % TTM Lease WA Remaining Portfolio overview of properties Capacity Occupied(2) Coverage(3) Lease Term Senior Housing - Operating 53 4,771 units 75.2 % N/A N/A Medical Office Buildings 106 3.8 million sq. ft. 83.0 % N/A 4.5 Triple-Net Lease: Senior Housing 65 3,529 units 79.1 % 1.3x 11.7 Skilled Nursing Facilities 88 10,458 beds 72.7 % 1.3x 5.1 Hospitals 9 456 beds 59.5 % 2.7x 9.6 Total 321

Same store financial/operating results related to the segment % Occupied(2) TTM Lease Coverage(3) NOI Q3 2020 Q3 2019 6/30/2020 6/30/2019 Q3 2020 Q3 2019 % Change Senior Housing - Operating 75.2 % 82.0 % N/A N/A $ 11,709 $ 13,254 (11.7) % Medical Office Buildings 83.0 % 82.2 % N/A N/A 12,527 12,923 (3.1) % Triple-Net Lease: Senior Housing 79.1 % 84.1 % 1.3x 1.3x 13,216 12,233 8.0 % Skilled Nursing Facilities 72.7 % 82.5 % 1.3x 1.2x 22,310 23,230 (4.0) % Hospitals 59.5 % 61.3 % 2.7x 1.7x 1,589 808 96.7 % Total $ 61,351 $ 62,448 (1.8) %

Notes: (1) NOI includes $1.0 million consolidated or $0.7 million CLNY OP share of interest earned related to $52 million consolidated or $37 million CLNY OP share carrying value of healthcare real estate loans. This interest income is in the Interest Income line item on the Company’s Statement of Operations. For a reconciliation of net income/(loss) attributable to common stockholders to NOI, please refer to the appendix to this presentation. (2) Occupancy % for Senior Housing - Operating represents average of the presented quarter, MOB’s is as of last day in the quarter and Triple-Net Lease represents average of the prior quarter. Occupancy represents real estate property operator’s patient occupancy for all types except MOB. (3) Represents the ratio of the tenant's/operator's EBITDAR to cash rent payable to the Company's Healthcare Real Estate segment on a trailing twelve month basis and as of the prior quarter due to timing of data availability from tenant/operators. Refer to Important Notes Regarding Non-GAAP Financial Measures and Definitions pages in this presentation for additional information regarding the use of tenant/operator EBITDAR.

Colony Capital | Supplemental Financial Report 22 VIIb. Wellness Infrastructure - Portfolio Overview

(As of or for the three months ended September 30, 2020, unless otherwise noted)

Triple-Net Lease Coverage(1) % of Triple-Net Lease TTM NOI as of June 30, 2020 Skilled Nursing Facilities & % Triple-Net WA Remaining TTM Lease Coverage # of Leases Senior Housing Hospitals Lease NOI Lease Term Less than 0.99x 3 — % 17 % 17 % 6 yrs 1.00x - 1.09x 2 5 % — % 5 % 4 yrs 1.10x - 1.19x 2 — % 18 % 18 % 7 yrs 1.20x - 1.29x 2 — % 12 % 12 % 4 yrs 1.30x - 1.39x 1 28 % — % 28 % 14 yrs 1.40x - 1.49x — — % — % — % — 1.50x and greater 5 2 % 18 % 20 % 4 yrs Total / W.A. 15 35 % 65 % 100 % 8 yrs Revenue Mix(2) June 30, 2020 TTM Private Pay Medicare Medicaid Senior Housing - Operating 86 % 4 % 10 % Medical Office Buildings 100 % — % — % Triple-Net Lease: Senior Housing 61 % — % 39 % Skilled Nursing Facilities 25 % 22 % 54 % Hospitals 32 % 56 % 11 % W.A. 60 % 10 % 30 %

Notes: (1) Represents the ratio of the tenant's/operator's EBITDAR to cash rent payable to the Company's Healthcare Real Estate segment on a trailing twelve month basis and due to timing of availability of data tenants/operators provide information from prior quarter. Refer to Important Notes Regarding Non-GAAP Financial Measures and Definitions pages in this presentation for additional information regarding the use of tenant/operator EBITDAR. Represents leases with EBITDAR coverage in each listed range. Excludes interest income associated with triple-net lease senior housing and hospital types. Caring Homes (U.K.) lease (EBITDAR) coverage includes additional collateral provided by the operator. (2) Revenue mix represents percentage of revenues derived from private, Medicare and Medicaid payor sources and as of the prior quarter due to timing of data availability from tenant/operators. The payor source percentages for the hospital category excludes two operating partners, who do not track or report payor source data and totals approximately one-third of NOI in the hospital category. Overall percentages are weighted by NOI exposure in each category.

Colony Capital | Supplemental Financial Report 23 VIIb. Wellness Infrastructure - Portfolio Overview (cont’d)

($ in thousands; as of or for the three months ended September 30, 2020, unless otherwise noted) Top 10 Geographic Locations by NOI Number of properties NOI United Kingdom 46 $ 10,497 Indiana 55 7,390 Florida 25 6,240 Pennsylvania 8 5,104 Oregon 31 4,657 Georgia 21 4,239 Illinois 35 3,794 Texas 29 3,476 Ohio 14 3,387 Washington 10 2,186 Total 274 $ 50,970

Top 10 Operators/Tenants by NOI Property Type/Primary Number of TTM Lease WA Remaining Segment properties NOI % Occupied Coverage Lease Term Caring Homes (U.K.)(1) Sr. Housing / NNN 46 $ 10,497 77.7 % 1.3x 14 yrs Senior Lifestyle Sr. Housing / RIDEA 30 9,740 73.7 % N/A N/A Sentosa SNF / NNN 8 5,104 71.0 % 0.9x 8 yrs Millers SNF / NNN 28 3,990 64.6 % 1.9x N/A Wellington Healthcare SNF / NNN 10 3,961 80.0 % 1.1x 6 yrs Frontier Sr. Housing / RIDEA / NNN 20 3,099 85.3 % N/A N/A Opis SNF / NNN 11 2,945 48.5 % 1.2x 3 yrs Consulate SNF / NNN 10 2,614 87.2 % 1.1x 7 yrs WW Healthcare SNF / NNN 5 1,323 70.5 % 1.3x 5 yrs Regency Pacific SNF / NNN 14 1,170 72.0 % 1.5x 9 yrs Total 182 $ 44,443

Notes: (1) Caring Homes (U.K.) lease (EBITDAR) coverage includes additional collateral provided by the operator.

Colony Capital | Supplemental Financial Report 24 VIIIa. Other Equity and Debt

CLNY OP Share Depreciated Carrying Value ($ in millions) 9/30/2020 CLNY Ownership % of Total Investment Investment Type Property Type Geography %(1) Assets Equity Equity Colony Credit Real Estate, Inc. Public Company ("CLNC") Common Shares Various Various 36% $ 365.9 $ 365.9 24 % Non-Performing First Tolka Irish NPL Portfolio Mortgage Loans Primarily Office Ireland 100% 375.1 150.6 10 % Cortland Multifamily Preferred Equity Preferred Equity Multifamily Primarily SouthEast US 100% 116.6 116.6 8 % Bulk Industrial Portfolio Real Estate Equity Industrial Nationwide 51% 189.0 69.1 5 % Office, Residential, Ronan CRE Portfolio Loan Mezzanine Loan Mixed-Use Ireland / France 50% 65.2 65.2 4 % Oil & Gas Well Origination DrillCo Joint Venture Development Financing Oil & Gas East Texas 100% 62.0 62.0 4 % Mezzanine Loan with Office, Hospitality & Spencer Dock Loan Profit Participation Residential Ireland 20% 52.2 52.2 3 % Office and Personal McKillin Portfolio Loan Debt Financing Guarantee Primarily US and UK 96% 47.3 47.3 3 % Senior Loan with Profit Dublin Docklands Participation Office & Residential Ireland 15% 46.1 46.1 3 % AccorInvest Real Estate Equity Hospitality Primarily Europe 1% 45.8 45.8 3 % Primarily Office & France & Spain CRE Portfolio Real Estate Equity Hospitality France & Spain 33% 116.3 43.8 3 % Oil & Gas Well CRC DrillCo Joint Venture Development Financing Oil & Gas California 25% 36.3 36.3 2 % Maranatha French Hotel Portfolio Real Estate Equity Hospitality France 44% 39.4 32.3 2 %

Hendon Retail Portfolio(2) A-Note Loan Retail US 100% 30.0 30.0 2 % Remaining OED (>45 Investments) Various Various Various Various 1,044.0 370.5 24 % Total Other Equity and Debt $ 2,631.2 $ 1,533.7 100 %

(1) Ownership % represents CLNY OP’s share of the entire investment accounting for all non-controlling interests including interests managed by the Company and other third parties. (2) Subsequent to quarter-end, the Company was paid $30 million through a discounted payoff of on a mortgage secured by two enclosed malls, two strip centers and various pad sites located in GA, FL and TN.

Colony Capital | Supplemental Financial Report 25 VIIIa. Other Equity and Debt

CLNY OP Share Depreciated Carrying Value ($ in millions) 9/30/2020 CLNY Ownership % of Total Investment %(1) Assets Equity Equity Description CLNC is a commercial real estate credit REIT externally managed by the Company with $4.3 billion in at-share assets and $1.7 billion in GAAP book Colony Credit Real Estate, Inc. equity value, as of September 30, 2020. The Company owns approximately ("CLNC") 36% $ 365.9 $ 365.9 24 % 48.0 million shares and share equivalents, or 36%, of CLNC. NPL portfolio backed by nine assets primarily composed of high quality office Tolka Irish NPL Portfolio 100% 375.1 150.6 10 % buildings in prime Irish locations in Greater Dublin. Cortland Multifamily Preferred 14% preferred equity to a multifamily owner and operator with over 60,000 Equity 100% 116.6 116.6 8 % multifamily units primarily located in the Sunbelt markets. Portfolio of industrial assets, consisting of six buildings totaling 4.2 million Bulk Industrial Portfolio 51% 189.0 69.1 5 % square feet in five industrial markets in the United States. EUR 93.8 million junior loan with an 11% coupon (4.5% cash interest and 6.5% PIK interest) and maturity in Jan-22 collateralized by a portfolio of 12 income-producing mixed-use assets and 5 residential and mixed-use Ronan CRE Portfolio Loan 50% 65.2 65.2 4 % development sites primarily in Ireland. 8 producing oil & gas wells in east Texas, in which Colony receives a majority of the cash flows until Colony receives an agreed upon return at which point its share will decrease to a minority of the cash flows. Going forward, the Origination DrillCo Joint Venture 100% 62.0 62.0 4 % Company does not anticipate funding material capital. EUR 222.6 million whole loan (EUR 155.4 million funded to date and EUR 67.2 million in residual commitment) with 71% profit participation in a Dublin mixed-use development of more than 1 million square feet. The South Site (accounting for 56.4% of total NIA) is entirely pre let to SalesForce and Dalata, while the North Site (accounting for 43.6% of total NIA) is currently Spencer Dock Loan 20% 52.2 52.2 3 % under planning review. GBP 49 million note secured by (i) pledge of borrower’s equity interest in a Boston office tower, (ii) other commercial real estate collateral and (iii) McKillin Portfolio Loan 96% 47.3 47.3 3 % borrower’s personal guarantee, which is capped in amount. EUR 230 million acquisition and pre-development financing with 70% profit participation on a prime waterfront freehold site in Dublin’s Docklands (1.86ha) with planning permission for a mixed used development comprising 4 properties (2 residential and 2 office blocks). Enabling works are underway Dublin Docklands 15% 46.1 46.1 3 % for site preparation.

Colony Capital | Supplemental Financial Report 26 VIIIa. Other Equity and Debt

CLNY OP Share Depreciated Carrying Value ($ in millions) 9/30/2020 CLNY Ownership % of Total Investment %(1) Assets Equity Equity Description Ownership of a diversified portfolio of approximately 900 hotels located primarily in Europe and mostly within the economy and midscale segments managed by Accor. The Company’s position sits alongside EUR 770 million of third-party capital managed by the Company, which combine to own AccorInvest 1% 45.8 45.8 3 % approximately 22% of AccorInvest. Portfolio constituted by 29 office and hotel assets, of which 28 office properties are located in France (representing 50% of the portfolio) and 1 France & Spain CRE Portfolio 33% 116.3 43.8 3 % hotel in Spain (representing 50% of the portfolio). Bankruptcy remote interest in ~175 producing oil & gas wells in California operated by California Resources Corp, through Alpine Energy Capital, in which Alpine receives a majority of the cash flows until Colony receives an agreed upon return at which point its share will decrease to a minority of the cash flows. Going forward, the Company does not anticipate funding material CRC DrillCo Joint Venture 25% 36.3 36.3 2 % capital. Equity financing investment for restructuring and repositioning of the Maranatha Group, France’s third-largest hotel group, which went to Maranatha French Hotel bankruptcy. Initial portfolio perimeter constituted by 37 hotels across France Portfolio 44% 39.4 32.3 2 % along with a management company. On October 13, 2020, closed on the discounted payoff with CLNY receiving $30 million. The mortgage was secured by two enclosed malls, two strip Hendon Retail Portfolio(2) 100% 30.0 30.0 2 % centers and various pad sites located in GA, FL and TN. Remaining OED (>45 Investments) Various 1,044.0 370.5 24 % Total Other Equity and Debt $ 2,631.2 $ 1,533.7 100 %

(1) Ownership % represents CLNY OP’s share of the entire investment accounting for all non-controlling interests including interests managed by the Company and other third parties. (2) Subsequent to quarter-end, the Company was paid $30 million through a discounted payoff of on a mortgage secured by two enclosed malls, two strip centers and various pad sites located in GA, FL and TN.

Colony Capital | Supplemental Financial Report 27 VIIIb. Other Investment Management

($ in millions, except as noted; as of September 30, 2020, unless otherwise noted) CLNY OP Share Fee Revenues Segment Products Description AUM FEEUM Fee Rate (in thousands)

• 27 years of institutional investment • Credit management experience Other Institutional • Opportunistic • Sponsorship of private equity funds and $ 8,552 $ 5,689 .8 % $ 12,085 Funds vehicles earning asset management fees • Other co-investment vehicles and performance fees • More than 300 investor relationships

• NYSE-listed credit focused REIT Public Company • Colony Credit Real Estate, Inc. • Contract with base management fees 2,728 1,961 1.5 % 7,355 with potential for incentive fees

• Manage public non-traded vehicles Retail • NorthStar Healthcare Income earning asset management and 3,399 1,182 (1) 1.5 % 4,431 Companies performance fees

Total $ 14,679 $ 8,832 $ 23,871

Notes: (1) FEEUM of NorthStar Healthcare Income represents its most recently published Net Asset Value.

Colony Capital | Supplemental Financial Report 28 IX. Total Company Assets Under Management

($ in millions) CLNY OP Share % of Grand % of Grand Segment 9/30/20 Total 9/30/19 Total Digital investment management 22,237 47.5 % 13,796 30.3 % Digital operating $ 724 1.5 % $ — — % Digital other 308 .7 % 53 .1 % Digital AUM $ 23,269 49.7 % $ 13,849 30.4 %

Wellness Infrastructure 2,564 5.5 % 3,746 8.2 % Hospitality 2,502 5.3 % 3,843 8.4 % Other(1) 3,611 7.7 % 4,806 10.6 % Industrial 189 .4 % 1,711 3.8 % Legacy balance sheet AUM 8,866 18.9 % 14,106 31.0 %

CLNC(2) 2,728 5.8 % 3,522 7.7 % Legacy Institutional 8,552 18.3 % 10,601 23.3 % Retail Companies 3,399 7.3 % 3,440 7.6 % Legacy Investment Management AUM 14,679 31.4 % 17,563 38.6 %

Grand Total AUM $ 46,814 100.0 % $ 45,518 100.0 %

Notes: (1) Includes the Company’s 36% ownership share of CLNC’s total pro-rata share of assets of $4.3 billion as of September 30, 2020 and $5.6 billion as of September 30, 2019. (2) Represents third-party 64% ownership share of CLNC’s total pro-rata share of assets of $4.3 billion as of September 30, 2020 and $5.6 billion as of September 30, 2019.

Colony Capital | Supplemental Financial Report 29 APPENDICES

Colony Capital | Supplemental Financial Report 30 Xa. Appendices - Definitions

Assets Under Management (“AUM”) Assets owned by the Company’s balance sheet and assets for which the Company and its affiliates provide investment management services, including assets for which the Company may or may not charge management fees and/or performance allocations. Balance sheet AUM is based on the undepreciated carrying value of digital investments and the impaired carrying value of non-digital investments as of the report date. Investment management AUM is based on the cost basis of managed investments as reported by each underlying vehicle as of the report date. AUM further includes uncalled capital commitments, but excludes CLNY OP’s share of non wholly-owned real estate investment management platform’s AUM. The Company's calculations of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.

Contracted Revenue Growth (“Bookings”) The Company defines Bookings as either (1) a new data center customer contract for new or additional services over and above any services already being provided as well as (2) an increase in contracted rates on the same services when a contract renews. In both instances a booking is considered to be generated when a new contract is signed with the recognition of new revenue to occur when the new contract begins billing.

Churn The Company calculates Churn as the percentage of MRR lost during the period divided by the prior period’s MRR. Churn is intended to represent data center customer contracts which are terminated during the period, not renewed or are renewed at a lower rate.

CLNY Operating Partnership (“CLNY OP”) The operating partnership through which the Company conducts all of its activities and holds substantially all of its assets and liabilities. CLNY OP share excludes noncontrolling interests in investment entities.

Fee-Earning Equity Under Management (“FEEUM”) Equity for which the Company and its affiliates provides investment management services and derives management fees and/or performance allocations. FEEUM generally represents the basis used to derive fees, which may be based on invested equity, stockholders’ equity, or fair value pursuant to the terms of each underlying investment management agreement. The Company's calculations of FEEUM may differ materially from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.

Wellness Infrastructure same store portfolio: defined as properties in operation throughout the full periods presented under the comparison and included 321 properties in the comparisons. Properties acquired or disposed during these periods are excluded for the same store portfolio.

Monthly Recurring Revenue (“MRR”) The Company defines MRR as revenue from ongoing services that is generally fixed in price and contracted for longer than 30 days.

NOI: Net Operating Income. NOI for the Company's real estate segments represents total property and related income less property operating expenses, adjusted for the effects of (i) straight-line rental income adjustments; (ii) amortization of acquired above- and below-market lease adjustments to rental income; and (iii) other items such as adjustments for the Company’s share of NOI of unconsolidated ventures.

Colony Capital | Supplemental Financial Report 31 Xa. Appendices - Definitions

Earnings Before Interest, Tax, Depreciation, Amortization and Rent (“EBITDAR”) Represents earnings before interest, taxes, depreciation, amortization and rent for facilities accruing to the tenant/operator of the property (not the Company) for the period presented. The Company uses EBITDAR in determining TTM Lease Coverage for triple-net lease properties in its Wellness Infrastructure segment. EBITDAR has limitations as an analytical tool. EBITDAR does not reflect historical cash expenditures or future cash requirements for facility capital expenditures or contractual commitments. In addition, EBITDAR does not represent a property's net income or cash flow from operations and should not be considered an alternative to those indicators. The Company utilizes EBITDAR as a supplemental measure of the ability of the Company's operators/tenants to generate sufficient liquidity to meet related obligations to the Company.

TTM Lease Coverage Represents the ratio of EBITDAR to recognized cash rent for owned facilities on a trailing twelve month basis. TTM Lease Coverage is a supplemental measure of a tenant’s/operator’s ability to meet their cash rent obligations to the Company. However, its usefulness is limited by, among other things, the same factors that limit the usefulness of EBITDAR.

ADR: Average Daily Rate

RevPAR: Revenue per Available Room

UPB: Unpaid Principal Balance

REIM: Real Estate Investment Management

Colony Capital | Supplemental Financial Report 32 Xb. Appendices - Reconciliation of Net Income (Loss) to NOI

($ in thousands; for the three months ended September 30, 2020) NOI Determined as Follows Wellness Infrastructure Total revenues $ 124,193 Straight-line rent revenue and amortization of above- and below-market lease intangibles (5,079) Interest income (2) Property operating expenses(1) (57,459) NOI $ 61,653

Reconciliation of Net Income (Loss) from Continuing Operations to NOI Wellness Infrastructure Income (loss) $ (6,969) Adjustments: Straight-line rent revenue and amortization of above- and below-market lease intangibles (5,079) Interest income (2) Interest expense 32,310 Transaction, investment and servicing costs 1,031 Depreciation and amortization 31,961 Impairment loss 2,451 Compensation and administrative expense 4,104 Gain on sale of real estate (186) Other (gain) loss, net (3,836) Income tax (benefit) expense 5,868 NOI $ 61,653

Notes: (1) Property operating expenses includes property management fees paid to third parties.

Colony Capital | Supplemental Financial Report 33 Xc. Appendices - Reconciliations of Net Income (Loss) to Digital IM FRE and Digital Operating Adjusted EBITDA

($ in thousands; for the three months ended September 30, 2020)

Digital Investment Management FRE Determined as Follows Digital Investment Management Net income (loss) 3,539 Adjustments: Interest income (2) Depreciation and amortization 10,259 Compensation expense—equity-based 1,101 Administrative expenses—straight-line rent 14 Equity method (earnings) losses (6,134) Other (gain) loss, net (32) Income tax (benefit) expense 144 FRE $ 8,889

Digital Operating Adjusted EBITDA Determined as Follows Net income (loss) from continuing operations $ (38,479) Adjustments: Interest expense 18,589 Income tax (benefit) expense (6,091) Depreciation and amortization 73,107 Other gain loss 45 EBITDAre: 47,171 Straight-line rent expenses and amortization of above- and below-market lease intangibles (2,106) Compensation expense—equity-based 148 Installation services (65) Restructuring & integration costs 470 Transaction, investment and servicing costs (50) Adjusted EBITDA: $ 45,568

Colony Capital | Supplemental Financial Report 34 Xd. Appendices - Assets and Liabilities of Assets Presented Under Discontinued Operations

($ in thousands; for the three months ended September 30, 2020) Hospitality and THL Bulk Industrial Assets Restricted cash $ 69,033 $ — Real estate, net 3,517,983 342,758 Deferred leasing costs and intangible assets, net 1,851 23,599 Other assets 80,198 4,247

Total assets held for disposition—discontinued operations 3,669,065 370,604

Liabilities Debt, net 3,479,355 233,627 Lease intangibles and other liabilities 165,010 2,230

Total liabilities related to assets held for disposition—discontinued operations $ 3,644,365 $ 235,857

Colony Capital | Supplemental Financial Report 35